Technical Analysis of Indian Equities by Nooresh

DLF – Will the Downtrend Reverse Going Ahead ?

This is one stock and sector which i have tried to avoid for very long but for now the formation looks pretty interesting.

DLF Technical View

Blog Dlf

  • The recent bottom was at the channel lows.
  • The downward channel resistance has been taken out in last few sessions.
  • It can even be considered as an inverted head and shoulder.
  • There are 3 tops around the 120 mark which will act resistance.
  • Stock is consolidating around the 120 mark. Supports at 115-117.
  • Next resistance at 145-150.
  • Further long term trend can change if it crosses 150.

Disclosure - The stock has been recommended in Technical Traders Club at 120-121.

 

Nooresh Merani

Securities covered above:: DLF

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Article by Nooresh Merani

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